Seacrest officially broke the news Thursday morning on Live with Kelly and Ryan.

'So much of American Idol’s overwhelming success can be attributed to Ryan, whose larger-than-life personality and laudable dedication to creating quality entertainment has made him a true master of his craft,” ABC Entertainment President Channing Dungey said in a statement. "His talent is limitless, and I can’t think of a more appropriate person to honor the Idol legacy as it takes on new life than the man who has been there through it all."

There are plenty of logistical issues to work out for Seacrest, who is as busy a guy as you'll find. According to the Hollywood Reporter, "Seacrest is expected to be in Los Angeles for live Idol shows on Sunday evenings, and then fly overnight to appear on Live and then do his iHeartRadio drive-time show on Monday morning."

And in the name of synergy, contestants who get the boot will later appear on Live.